Lawyer, Alexander Kubusch from insolvency administration company, Curator AG has been appointed preliminary insolvency administrator. In a statement released today, July 3, Konarka explained, "The German company has been forced to file for bankruptcy, since the parent company in the US is undergoing liquidation proceedings pursuant to Chapter 7 of the US Bankruptcy Code and deliveries of products can consequently no longer be expected from the US."
Eleven staff are said to be employed with Konarka GmbH and are primarily concerned with research and European sales. However, "all relevant" OEM customer relationships are also said to be maintained at the Nuremberg site.
Kubusch stated, "We can sustain the R&D work in Germany without any difficulties at the moment. Nonetheless, our objective must be to find a suitable investor as quickly as possible who’s prepared to get the company’s first-class development work back on track again and to guarantee its production operations and future developments in the long term, because a successful transfer of the US parent group is currently still very much up in the air."
Commenting on Konarka Incs insolvency, Lux Research said that it was the companys technology and strategy that was to blame in the firms failure, not the photovoltaic market itself.
Dismissing suggestions that the inability to raise capital was the companys problem, Lux Research countered: "Raising funding, more than solar module development, was where the company excelled."